WITH A CLINICAL STRIKE ANSU FATI SILENCES CRITICS

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SWITZERLAND 2 APRIL (REUTERS) - THE BANK ESTABLISHED BY THE ACQUISITION OF CREDIT SUISSE BY UBS (UBSG.S) IS PLANNING A 20–30% EMPLOYEE REDUCTION.

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IN AN ARTICLE PUBLISHED ON SUNDAY THE SWISS NEWSPAPER TAGES-ANZEIGER CITED AN ANONYMOUS SENIOR UBS MANAGEMENT.

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IN A DEAL ORCHESTRATED BY THE SWISS GOVERNMENT UBS AGREED TO ACQUIRE CREDIT SUISSE A COMPETITOR IN ZURICH FOR 3 BILLION SWISS FRANCS ($3.3 BILLION).

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TO PREVENT A FINANCIAL SYSTEM DISASTER IN THE NATION THE CENTRAL BANK AND MARKET REGULATOR.

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ACCORDING TO THE ARTICLE THE BANK MAY ELIMINATE 11000 POSITIONS IN SWITZERLAND.

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ACCORDING TO THE REPORT JOBS AT ITS US INVESTMENT BANKING BRANCH WOULD ALSO BE IMPACTED.

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MICHAEL KLEIN A WALL STREET DEALMAKER WOULD HAVE GAINED CONTROL OF A SIZABLE PORTION OF CREDIT SUISSES INVESTMENT BANK UNDER THE DEAL WHICH IS CURRENTLY BEING TERMINATED IN NEGOTIATIONS WITH UBS.

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